Blockchain Regulations Likely By 2019, Russian Ministry Says

Russia's government is said to be moving ahead with plans to introduce rules for blockchain use by 2020.

AccessTimeIconMay 8, 2017 at 3:15 p.m. UTC
Updated Sep 11, 2021 at 1:18 p.m. UTC
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Russia's government is said to be moving ahead with plans to introduce rules for blockchain use by 2019.

According to state-owned news service TASS, the disclosure came from a report from the Ministry of Communications, which at press time was not publicly accessible. TASS reports that the documents touch on "the adoption of legal acts" related to blockchain, positing 2019 as the time frame for the update.

Notably, the Communications Ministry was one of several public institutions in Russia tasked with researching blockchain by Prime Minister Dmitry Medvedev earlier this year. In March, the former president also instructed the Ministry of Economic Development and the Russian Development Bank to research applications of the tech.

Medvedev has struck a somewhat bullish tone toward the technology in recent months.

During an investor event in Sochi in late February, he said:

"I'm not against the use of [blockchain] technologies that have become widely circulated and which may thus decisively change our lives. It's quite an interesting story, but so far we do not see results."

What remains unclear is how the regulation might dovetail with efforts in Russia to regulate cryptocurrencies like bitcoin.

Recent statements from senior officials of the Russian Finance Ministry suggested that bitcoin could be recognized as a kind of financial instrument next year, yet other Russian officials – namely one of its central bankers – cautioned that any determination is subject to review.

Duma image via Shutterstock

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